EURUSD Chart 8

EURUSD - Short Term Bullish

EURUSD - SHORT TERM BULLISH by DanV on TradingView.com

4 January 2013

Updates and comments

In my earlier chart of EURUSD suggesting bullish action with 2 possibilities. First is for it to retrace the recent fall in the form of abc zigzag to 1.3150 -1.32 area before continuing down. Second, with possibility of new minor 5 waves that could lead it to retest the recent high at 1.33 area and or make new marginal low for signification top completing 5 waves from July low in larger degree.

Here is the Comparison chart of EURUSD and Dollar Index which I published back in November, but with updating notes & EW counts. This seems to support the view that we could see retest of the recent high. On completion, we could expect much deeper retracement of the entire move from July high in the form of 38.2% or 50% Fib for example. Check out my earlier chart for additional details.

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